IDBI Bank completes sale of 23% stake in IDBI Federal Life Insurance Company

IDBI Federal Life Insurance Company rebranded as Ageas Federal Life Insurance Company

IDBI Bank has completed sale transaction of its 23% stake in IDBI Federal Life Insurance Company to Ageas Insurance International JV on 31 December 2020 pursuant to receipt of the requisite regulatory approvals. Pursuant to sale of 23% holding representing 18,40,00,000 shares to Ageas for a consideration of Rs.507.10 crore, IDBI Bank's shareholding in IFLI now stands at 25% from the earlier 48%. Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance Company.

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